Raphael Honigstein reacts to the news that American starlet Christian Pulisic has agreed to sign for Chelsea from Borussia Dortmund.

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The transfer window for Europe's biggest clubs is open again. Transfer Talk has been scouring the world's media and setting our correspondents loose to see who could be heading to/out of your club this month.

TOP STORY: United defender on the way out?

Transfers

With help from former Tottenham and Liverpool director of football Damien Comolli, we show you a step-by-step guide to a transfer.

FIFA have banned Chelsea for a period of two transfer windows. But what did they do wrong and how will the punishment play out?

FC Exclusives

Manchester United defender Eric Bailly is keen on a return to Spain, with Sevilla interested in signing the Ivory Coast international, according to local reports.

Bailly fell out of favour under previous United manager Jose Mourinho and had made just seven Premier League appearances this season before the arrival of Ole Gunnar Solskjaer. However, his first start for the new boss ended with a dismissal against Bournemouth.

Now Mundo Deportivo are reporting Bailly would like to return to La Liga, where he played for Espanyol and Villarreal before moving to Old Trafford, and Sevilla are keen as they look to bolster their defence in this transfer window.

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22.30 GMT: And we're going to call it a night there. It's been a Pulisic- filled day today, so make sure to check back on ESPN FC tomorrow for more of the same from the January transfer window.

22.16 GMT: Norway international midfielder Sander Berge is attracting interest from Roma, say Gazzetta dello Sport. The 20-year-old has impressed at Genk this season so might he get a chance to try his luck in Serie A?

22.03 GMT: Uruguay defender Mathias Suarez has joined Montpellier from Defensor Sporting, the Ligue 1 side said on Wednesday.

The 22-year old most often plays right back but can be used in other positions in both defence and midfield, the French club said in a statement. He won his first full caps for the Uruguayan national side in November when he played against Brazil and France.

21.00 GMT: The Daily Mirror claim that Chelsea aren't done yet in the January window after signing Christian Pulisic. Indeed "they also want another striker to take the pressure off Eden Hazard with Bournemouth's Callum Wilson still a target. A new defender could also be brought in with Gary Cahill likely to leave for Fulham, Watford or West Ham."

Speaking of Pulisic, you can read Mark Ogden's take on the deal and the future of Eden Hazard here, while Jeff Carlisle says the move is full of both risk and reward for the United States international.

20.28 GMT: He's not in the XI against Newcastle and AMK Spor reckon that Fenerbahce are ready to try and land Manchester United midfielder Marouane Fellaini. In fact, the paper says the Turkish club are willing to offer him €7.5m for an 18 month contract.

19.53 GMT: Stop the presses, David Ornstein has spoken. The BBC journalist says Dominic Solanke's proposed loan move from Liverpool to Crystal Palace is OFF after the London club grew concerned about an injury of his. "Palace need a striker who is available to play straight away" and that isn't Solanke at this point in time.

19.25 GMT: Manchester City will rely on current members of the squad to back up Fernandinho despite lacking a natural replacement for the holding midfielder, sources have told ESPN FC.

But with Fernandinho turning 34 before the end of the season, a new signing for the role will become a priority in the summer window.

Sources have told ESPN FC that City remain interested in Ajax's highly-rated Dutch international Frenkie de Jong, although they face competition from Barcelona and Paris Saint-Germain for his signature. Wolves' Ruben Neves and Lyon's Tanguy Ndombele have also been linked with a summer move to the Etihad Stadium.

19.22 GMT: Ashley Young's contract situation at Man United is not resolved yet, so Inter Milan are hopeful that they can steal in and sign the 33-year-old, according to the Daily Mirror.

Evidently the Italians laughed at the idea of paying £15m for Matteo Darmian, so have now turned their attentions to Young instead. Would the fact they are in the Champions League sway things?

"I am honoured to be the head coach for the most decorated club in Major League Soccer," said Schelotto of the appointment. "This is a tremendous opportunity for me and I am excited to get to work. The LA Galaxy have long been the standard in MLS and I am ready to push the club to new heights."

18.07 GMT: Mesut Ozil isn't going anywhere, according to his agent. The Arsenal midfielder has been linked with a move away from the club, though sources told ESPN FC that he's not keen on a loan, yet Dr. Erkut Sogut says he wants to see out his contract, which runs until 2021.

"I would prefer not to speak publicly about Mesut's situation, but given the recent speculation linking him with a move away from Arsenal, I do feel it is important to provide some clarity so we can end this and focus on football," he told Goal. "Mesut signed a new contract last January because he saw his future at Arsenal and nothing has changed in his mind. He wants to stay for the duration of that contract and maybe even longer.

"Mesut is 100 per cent committed to Arsenal Football Club. He loves the club, shares its values and does not want to be anywhere else."

18.02 GMT: Spain international Jonny said he has not been contacted by parent club Atletico Madrid and intends to complete his loan deal at Wolves.

Reports in Spain claimed that Jonny could return to the Madrid club in the winter transfer window. The defender moved to Molineux immediately after joining Atletico on a permanent transfer from Celta Vigo, where he impressed at full-back last season.

"Atletico have not told me anything and my focus is here," he told Cadena Ser radio. "I'm working hard to arrive [at Atletico] in the summer and to try to stay. It has been an incredible year but we have to live in the present and look ahead with the aim of continuing to grow from a football standpoint."

17.33 GMT: Daniel Sturridge has been linked with a move away from Liverpool but sources have told ESPN FC that the striker is happy at the club and he wants to increase his playing time by impressing Jurgen Klopp.

Someone smells a possible Premier League winners' medal methinks...

17.22 GMT:Shinji Kagawa is looking to leave Borussia Dortmund after featuring in only 98 minutes in of the first half of the season, writes Stephan Uersfeld.

He earns €6m-a-year, so his wage demands could be a problem -- and the former Manchester United player is focusing on a move to Spain where he only the top clubs could afford him.

The La Liga side want to strengthen their attack and believe that Chicharito meets the criteria coach Marcelino is looking for. However, AS report that Valencia only want to acquire the Mexico international on loan while West Ham, who own the player's rights, would only be interested in selling the player.

The 30-year-old has scored four goals in 14 Premier League appearances for West Ham.

16.41 GMT: Monaco have agreed a deal to sign defender Naldo from Schalke, according to reports in Germany.

16.17 GMT: While it has been a significant day for incomings at Chelsea, Pulisic's arrival could have ramifications on two members of Maurizio Sarri's squad.

It is far from certain Eden Hazard will still be at Stamford Bridge by next season as he continues to postpone contract talks in the hope of attracting a solid offer from Real Madrid -- and Sarri has also favoured using the Belgium international as a false No. 9 rather than a winger in recent weeks.

Callum Hudson-Odoi, meanwhile, wants assurances of a significant first-team role before agreeing to a new deal at Stamford Bridge, but Sarri has played down the 18-year-old's readiness to be a key contributor in the Premier League; and Bayern Munich harbour a serious interest in taking him to Germany.

Chelsea do not want to sell Hudson-Odoi, but may feel they have no choice if he allows his contract to run down further. Bayern are believed to regard his potential as similar to that of Borussia Dortmund sensation Jadon Sancho, and have reportedly already had a £20m bid to sign him rejected.

15.53 GMT: A report in the Evening Standard suggests Gary Cahill is close to completing a loan move from Chelsea to west London rivals Fulham.

15.36 GMT: Ajax confirm they have completed the signing of central defender Lisandro Magallan from Boa Juniors. Could this open the door to the possible departure of Golden Boy away winner Matthijs de Ligt, who is a target for Juventus, Barcelona and Bayern Munich?

14.24 GMT: Mundo Deportivo are reporting that Barcelona could tie up deals for two French players this week, with PSG's Adrien Rabiot and Jean-Clair Todibo from Toulouse on their radar.

14.11 GMT: Manchester United's stand-in skipper Ashley Young has the chance to play in Serie A with Daily Mail reporting that Inter Milan are willing to offer the England international a two-year deal.

13.51 GMT: Having missed out on the signing of Sevilla forward Luis Muriel, AC Milan are turning their Southampton's Manolo Gabbiadini, according to Il Corriere dello Sport.

13.30 GMT: It is being claimed in The Sun that Chelsea have accepted an £18m bid from Wolves for Tammy Abraham, with the forward's loan at Aston Villa terminated.

13.05 GMT: Meanwhile, there is nothing going on at house of the European champions, with Real Madrid boss Santiago Solari focusing solely on the upcoming clash with Villarreal.

"I have no news to tell you about that," Solari responded when asked about potential transfer activity. "If I had, I would tell you. All we are interested in is tomorrow's game."

12.38 GMT: Real Valladolid may decide to make a move for former PSG forward Jese Rodriguez this month.

"If Sergi Guardiola does not come, we could reactivate our pursuit of Jese Rodriguez," sporting director Miguel Angel Gomez told AS. "He was one of our priorities this summer."

12.09 GMT: A source has told ESPN FC that Hull City's Jarrod Bowen is on Tottenham's list of January targets, with the north Londoners watching all of the winger's recent matches and liking what they have seen.

Spurs need to recruit homegrown players and 22-year-old Bowen, who has scored 11 goals in 26 Championship fixtures this season and has a growing number of suitors, fits the bill.

However, Hull have said their man is not for sale and ESPN FC's source understands Tottenham would need to sell Vincent Janssen, Georges-Kevin Nkoudou or both in January to create room in their squad for Bowen and raise the funds necessary to tempt the Tigers into a sale.

11.38 GMT: Arsenal midfielder Aaron Ramsey will be available on a free transfer this summer, and Juventus have made their intentions very clear.

#Juventus director Fabio Paratici: "Yes, we are interested in Aaron #Ramsey, he's a great midfielder. But at the moment he's an Arsenal player, we'll see... " 🛑 #transfers#AFC

11.19 GMT: A report in Il Corriere dello Sport suggests Napoli have been keeping an eye on Cagliari's Nicolo Barella. The Italy international could come in as a replacement for Allan, who is a reported target for PSG.

10.58 GMT: Isco appears to have played down talk of a move away from Real Madrid, despite links to PSG.

"I cannot wait to attack 2019," he told Quatro. "There is no reason for me to move this winter. I am very good here. I want to continue to play for Real Madrid and win titles."

10.38 GMT: La Liga side Leganes are closing in on the loan signing of Martin Braithwaite.

Marca report that the Middlesbrough player will arrive at Madrid on Wednesday and will undergo a medical before signing for the Spanish outfit on loan until the end of the season.

Leganes had wanted to include a purchase option in the deal but it was rejected by Boro.

The Danish forward has scored three goals in 17 games this season.

10.21 GMT: Sevilla announced they have loaned Colombian forward Luis Muriel toFiorentinauntil the end of the season, with a purchase option included in the deal for the Serie A side next summer.

Muriel was Sevilla's most expensive signing when he joined the La Liga outfit in the summer of 2017 from Sampdoria for a reported €20m. The 26-year-old did not live up to expectations, scoring only 13 goals in 65 appearances for the Andalusian outfit.

10.05 GMT: Belgium coach Roberto Martinez has said he expects Eden Hazard to remain at Chelsea despite ongoing reports that theReal Madrid target will leave the London outfit.

"I don't know if a new challenge would be good for him," Martinez told HLN when asked about the Belgium star. "He knows how much he is loved at Chelsea and there is a chemistry between him and [coach Maurizio] Sarri.

"He is enjoying himself at Chelsea, where he has reached an exceptional level. It's not correct that a new project would be what he needs. I'm convinced that he can reinvent himself at that club [Chelsea]."

09.47 GMT: Borussia Monchengladbach winger Patrick Herrmann, 27, has been linked with Augsburg and Southampton by kicker. Entering the final months of his current deal, he could be on his way out this winter.

09.18 GMT: DONE DEAL: Chelsea have completed the signing of Christian Pulisic from Borussia Dortmund for €64m, and have loaned the U.S. international back to the German side until the summer. Read more about it here.

08.35 GMT: Maurizio Sarri insisted that Chelsea do not need to bring in another striker in January even if Olivier Giroud's ankle injury proves serious.

Transfers

With help from former Tottenham and Liverpool director of football Damien Comolli, we show you a step-by-step guide to a transfer.

FIFA have banned Chelsea for a period of two transfer windows. But what did they do wrong and how will the punishment play out?

FC Exclusives

Gonzalo Higuain and Callum Wilson have both been touted as potential January transfer targets for Chelsea, while it has also been suggested that Sarri could recall Michy Batshuayi from an unfulfilling loan at Valencia or bring back Tammy Abraham from Aston Villa to fill the void.

Sarri, however, does not regard another striking option as a priority.

"No, because I have the option with Hazard in this position," he said. "We have Morata and Hazard can play very well in this position as we have seen in the last matches, so I think at the moment I don't need another striker.

"Maybe another winger, because now we are in trouble with the injuries of Pedro, of Callum Hudson-Odoi, Ruben Loftus-Cheek, so I have options for the striker, but at the moment I have no option for the wingers."

PAPER TALK (Frank Smith, Football Whispers)

Roma eye up ex-United transfer target

Leander Dendoncker was one of the most sought-after young midfielders in Europe not too long ago, but he has struggled to secure game time at Premier League new boys Wolves. That could tempt Roma into making a move in January, reports Gazzetta dello Sport.

Manchester United were among the clubs interested in the 23-year-old last season, and were reportedly quoted a £27m asking price at the time.

In the end he moved to Wolves, a club with close ties to super-agent Jorge Mendes, but the Belgium international has been limited to just one start and one sub appearance all season.

Dendoncker, a defensive midfielder who also can play at centre-half, is on loan for the season from Anderlecht but Wolves have an obligation to buy him next summer.

Ndombele in demand

Manchester City have been told they will need to fork out more than £70 million if they want to land Tanguy Ndombele, according to Tuttomercatoweb.

Ndombele is just 22 but earned his first senior France call-up in October after starring for Lyon.

Real Madrid, Barcelona, Manchester City and Paris Saint-Germain are among the clubs hoping to sign the midfielder.

City are said to have lodged a £45m bid in the summer, but it appears they are some way off of the Ligue 1 side's valuation.

West Ham hope to land Everton midfielder

Another player who could be on the move in January is Everton midfielder James McCarthy, with West Ham considering a loan move, according to the Daily Mail.

The 28-year-old has not played since January following a double fracture of his right leg and has featured in only six first-team games in all competitions in the last two seasons due to injury.

McCarthy, who has 18 months left on contract, is keen to secure regular first-team football, and West Ham are hopeful of landing the Irishman on loan, with Fulham and West Brom also said to be keen.

Wolves make approach for England striker

Wolves hope they can persuade Chelsea striker Tammy Abraham to end his loan at Aston Villa prematurely and join them for the second half of the campaign, reports the Daily Mail.

The England international has scored 16 goals in 20 Championship matches this season, and that has drawn the attention of several clubs, including Bournemouth, Brighton, Burnley, Crystal Palace, Fulham and Huddersfield.

The 21-year-old has a clause in his loan agreement which allows him to end the season-long loan prematurely, which would enable the switch if a potential suitor can persuade him to do so.

Football Whispers' transfer algorithm gives the likelihood of rumours happening a score out of five.

Aaron Ramsey to Juventus: 4.0

The future of the Arsenal midfielder is being discussed on a daily basis at the moment and it was reported the 28-year-old has decided on Juventus. But Bayern Munich, Inter Milan, PSG and Real Madrid are all in the running, according to the BBC.

Cesc Fabregas to Monaco: 3.6

The wantaway Chelsea midfielder could be set to link up again with former Arsenal teammate and current Monaco manager Thierry Henry. It is claimed in the French press that a deal for the 31-year-old could go through as early as next week.

Adrien Rabiot to Liverpool: 3.6

There have also been reports in France claiming that Liverpool have spoken with PSG midfielder Rabiot. The 23-year-old's contract is up at the end of the season and he can now talk to clubs regarding a free transfer in the summer.

Ashley Young to Inter Milan: 3.2

The Manchester United defender is another player whose contract is up in the summer, and one of the more unexpected rumours to come up in recent days is that of a potential switch to the Serie A side.

Paulo Dybala to Chelsea: 2.0

Chelsea are considering a move for Juventus star Dybala should Eden Hazard leave the club. Reports in Spain suggest the 25-year-old would cost in the region of €150m.